JELM vs. JAAA
JELM (Janus Henderson Equity Linked Moderate Income ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - JELM is a Derivative Income fund actively managed by Janus Henderson, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Their -0.03 correlation means they have often moved in opposite directions in the past. JELM charges 0.59%/yr vs 0.20%/yr for JAAA.
Performance
JELM vs. JAAA - Performance Comparison
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Returns By Period
JELM
- 1D
- 0.20%
- 1M
- 1.29%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
JAAA
- 1D
- 0.00%
- 1M
- 0.32%
- 6M
- 2.05%
- YTD
- 2.62%
- 1Y
- 4.83%
- 3Y*
- 6.18%
- 5Y*
- 4.88%
- 10Y*
- —
- ALL TIME*
- 4.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $277.71M | $249.91M | $257.33M | |
| $199.95K | $786.17K | $963.17K |
JELM vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
JELM Janus Henderson Equity Linked Moderate Income ETF | 2.35% |
JAAA Janus Henderson AAA CLO ETF | 1.41% |
Correlation
The correlation between JELM and JAAA is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 22, 2026 | -0.03 |
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Return for Risk
JELM vs. JAAA — Risk / Return Rank
JELM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
JAAA
JELM vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Equity Linked Moderate Income ETF (JELM) and Janus Henderson AAA CLO ETF (JAAA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| JELM | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.83 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 12.50 | — |
| Martin ratioReturn relative to average drawdown | — | 67.96 | — |
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Drawdowns
JELM vs. JAAA - Drawdown Comparison
The maximum JELM drawdown since its inception was -0.69%, smaller than the maximum JAAA drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for JELM and JAAA.
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Drawdown Indicators
| JELM | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.69% | -2.64% | +1.95% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.39% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.46% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -2.64% | — |
Current DrawdownCurrent decline from peak | -0.25% | 0.00% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -0.24% | +0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.07% | — |
Volatility
JELM vs. JAAA - Volatility Comparison
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Volatility by Period
| JELM | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.12% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 0.61% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 0.79% | +2.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.69% | 1.66% | +2.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.69% | 1.62% | +2.07% |
JELM vs. JAAA - Expense Ratio Comparison
JELM has a 0.59% expense ratio, which is higher than JAAA's 0.20% expense ratio.
Dividends
JELM vs. JAAA - Dividend Comparison
JELM's dividend yield for the trailing twelve months is around 1.21%, less than JAAA's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
JAAA Janus Henderson AAA CLO ETF | 4.93% | 5.30% | 6.35% | 6.11% | 2.74% | 1.21% | 0.26% |
JELM Janus Henderson Equity Linked Moderate Income ETF | 1.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JELM and JAAA have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JAAA is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JAAA is cheaper with a 0.20% expense ratio, compared with 0.59% for JELM.
JAAA has the higher dividend yield at 4.93%, compared with 1.21% for JELM.
JELM is categorized as Derivative Income, while JAAA is CLO. Their fees differ too: 0.59% for JELM and 0.20% for JAAA.
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